HomeMy WebLinkAboutResolution SEDA2022-02 06/13/2022SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. ___________
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SUPPLEMENTAL BUDGET 2
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING
FUNDS: SEDA GLENWOOD GENERAL FUND, AND SEDA DOWNTOWN GENERAL FUND; AND
AUTHORIZING THE TRANSFER OF APPROPRIATIONS WITHIN THE SEDA GLENWOOD
GENERAL FUND FROM OPERATING EXPENSE TO CAPITAL PROJECT EXPENSE
WHEREAS, the Springfield Economic Development Agency Board has adopted the budget and made
appropriations for Fiscal Year 2021-2022 through Resolution No. SEDA2021-02 adopted June 28, 2021
and amended through Resolution No. SEDA2021-05 adopted December 6, 2021;
WHEREAS, ORS 294.471(1)(a) permits a supplemental budget due to an occurrence or condition that
is not ascertained when preparing the original budget or a previous supplemental budget for the
current year or current budget period and that requires a change in financial planning;
WHEREAS, the Springfield Economic Development Agency Board is requested to make adjustments to
the Fiscal Year 2021-2022 budget as described in Exhibit A, attached and incorporated by reference;
WHEREAS, ORS 294.463 allows transfers of appropriations within a fund when authorized by
ordinance or resolution of the governing body, stating the need for the transfer, the purpose of the
authorized expenditure, and the amount transferred;
WHEREAS, this supplemental budget is being presented for consideration at a regular meeting of the
Springfield Economic Development Agency Board; and
WHEREAS, notice of a supplemental budget was published in a newspaper of general circulation not
less than 5 days prior to the public meeting,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF THE SPRINGFIELD ECONOMIC
DEVELOPMENT AGENCY, An Urban Renewal Agency of the State of Oregon, as follows:
: The Fiscal Year 2021-2022 budget and appropriations, as adopted by Resolution
Section 1
No. SEDA2021-02 and amended through Resolution No. SEDA2021-05 adopted December 6, 2021 are
hereby adjusted as provided in Exhibit A.
Section 2: This Resolution will take effect upon adoption by the Board of Directors.
ADOPTED by the Board of Directors of the Springfield Economic Development Agency this ___
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day of _________, ____, by a vote of _____ for and ____ against.
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Marilee Woodrow, Board Chair
ATTEST: Springfield Economic Development Agency
__________________________
Sean VanGordon, Board Secretary
Springfield Economic Development Agency
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Exhibit A, Page 1 of 2
Exhibit A
FY 2021-2022
Supplemental Budget No. 2
FY22 Adopted Supplemental Supplemental FY22 Revised
Budget Budget #1 Budget #2 Budget
SEDA Glenwood General Fund - 229
Operating
Material and Services$ 343,731$ (80,333)$ (45,000)$ 218,398(1)
Capital Project Expense -959,00060,0001,019,000(1)
Non-Departmental
Debt Service727,903--727,903
Reserves650,197(500,197)-150,000
Total Non-Departmental1,378,100(500,197)-877,903
Total SEDA Glenwood General Fund$ 1,721,831$ 378,470$ 15,000$ 2,115,301
Glenwood General Fund Commentary:
1.) Staff request the transfer of $45,000 in appropriations from materials & services to capital project expense and the
recognition of an additional $15,000 in property tax revenue in order to provide for $60,000 in earnest money for the purchase of
property currently owned by Ramsey Properties LP. SEDA Board approval to move forward with this property purchase was not
provided until March of 2022, so this activity could not have been included in the adopted budget or prior supplemental budgets.
FY22 Adopted Supplemental Supplemental FY22 Revised
Budget Budget #1 Budget #2 Budget
SEDA Downtown General Fund - 230
Operating
Material and Services$ 2,061,342$ (100,000)$ 121,083$ 2,082,425(1)
Non-Departmental
Debt Service853,500(450,000)-403,500
Reserves404,059(135,858)(121,083)147,118(1)
Total Non-Departmental1,257,559(585,858)(121,083)550,618
Total SEDA Downtown General Fund$ 3,318,901$ (685,858)$ -$ 2,633,043
Downtown General Fund Commentary:
1.) The Springfield Economic Development Agency budgeted $610,000 in FY21 and $1,390,000 in FY22 for a total of $2M for
the property purchase and pre-development work on the Blue McKenzie Project. In FY21 $45,083 was unspent and staff request
that this amount be rolled forward and added to the FY22 budget. Additionally, there was $76,000 budgeted in FY21 for the
Masaka Concept that was not spent in the prior year and staff request that this amount also be carried forward to FY22 as the
option expires on 6/30/22. The available carry forward amounts were not known during the development of the adopted budget
or prior supplemental budgets.
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Exhibit A, Page 2 of 2
FY22 Adopted Supplemental Supplemental FY22 Revised
Budget Budget #1 Budget #2 Budget
SEDA Glenwood Capital Projects Fund - 429
Capital
Capital Project Expense$ -$ 60,000$ -$ 60,000
Non-Departmental
Reserves208--208
Total SEDA Glenwood Capital Projects Fund$ 208$ 60,000$ -$ 60,208
Glenwood Capital Projects Fund Commentary:
- No current activity
TOTAL RESOLUTION$ 5,040,940$ (247,388)$ 15,000$ 4,808,552
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